Res 2000-167 - Laserfiche WebLink

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221. EARNEST MONEY CONTRACT This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer"), and Tetco, Inc. (the "Seller"), a Texas corporation. 1. PURCHASE AND SALE OF PROPERTY. The Seller agrees to sell and convey, and the Buyer agrees to purchase, the following real property (the "Property") under the terms and conditions of this Contract: All of that certain 78,000 square foot, more or less, tract of land in Hays County, Texas, out of the 1.M. Veramendi Survey No.1, Abstract 17, more fully described on the map attached as Exhibit A (to be platted by the Seller as Lot 2, Block A, Section 3 of the Hunter's Hill Subdivision), together with any improvements, fixtures and appurtenances on or to the Property. 2. SALES PRICE. The Sales Price is $117,000.00. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. 3. EARNEST MONEY. The Buyer will deposit with Fidelity National Title Company (the "Title Company") the amount of$I,OOO.OO (the "Earnest Money") within five business days after execution of this Contract by the Seller and the Buyer. If this transaction is consummated, the Earnest .Money will be credited against the Purchase Price at closing. If this transaction is not consummated, the Earnest Money will be held and delivered by the Title Company in accordance with this Contract. The Title Company will deposit the Earnest Money into an account that bears interest, is federally insured, and has no early withdrawal penalty, at a bank or savings and loan located in San Marcos, Texas. 4. REVIEW PERIOD. For and in consideration of the Earnest Money and other good and valuable consideration to the Seller from the Buyer, the Seller hereby grants to the Buyer the right to conduct an investigation, inspection and review of the Property and all records in possession of the Seller pertaining to the Property, and to terminate this Contract in accordance with this paragraph. Not\"ithstanding any provision herein to the contrary, if the Buyer determines, in its sole discretion, that the Property is for any reason not suitable for the Buyer's intended use of the Property as a fire station site, the Buyer may terminate this Contract by delivering to the Seller written notice oftermination on or before 5 :00 P.M. on the date (the "Termination Date") which is the 60th day following the Effective Date. The period from the Effective Date through the Termination Date is called the "Review Period". The Buyer may shorten the Review Period by delivering a written notice to this effect to the Seller. If the Buyer terminates this Contract pursuant to this paragraph, the Title Company shall return the Earnest Money to the Buyer, upon the Buyer's request after termination, without the requirement for consent or joinder of any other party. For the purpose of this subparagraph, notice of termination shall be deemed delivered if sent by the Buyer by